FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Hierarchy, Assets and Liabilities Measured on Recurring Basis

The following tables present the fair value hierarchy levels of the Company's assets and liabilities that are measured and carried at fair value on a recurring basis.

	March 31, 2018
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities available for sale, carried at fair value:
Fixed maturity securities:(1)
Government and agencies		$	35,325		$	1,411		$	0		$	36,736
Municipalities		0			1,373			0			1,373
Mortgage- and asset-backed securities		0			269			186			455
Public utilities		0			7,724			83			7,807
Sovereign and supranational		0			1,866			0			1,866
Banks/financial institutions		0			9,120			24			9,144
Other corporate		0			31,509			143			31,652
Total fixed maturity securities		35,325			53,272			436			89,033		(1)
Equity securities (1)		1,015			77			16			1,108		(1)
Cash and cash equivalents		4,080			0			0			4,080
Other assets:
Foreign currency swaps		0			130			240			370
Foreign currency forwards		0			426			0			426
Credit default swaps		0			0			1			1
Total other assets		0			556			241			797
Total assets		$	40,420		$	53,905		$	693		$	95,018
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	179		$	86		$	265
Foreign currency forwards		0			85			0			85
Foreign currency options		0			3			0			3
Total liabilities		$	0		$	267		$	86		$	353

⁽¹⁾ Includes perpetual securities

	December 31, 2017
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities available for sale, carried at fair value:
Fixed maturity securities: (1)
Government and agencies		$	30,109		$	1,121		$	0		$	31,230
Municipalities		0			1,370			0			1,370
Mortgage- and asset-backed securities		0			269			175			444
Public utilities		0			7,886			68			7,954
Sovereign and supranational		0			1,909			0			1,909
Banks/financial institutions		0			8,908			25			8,933
Other corporate		0			32,327			146			32,473
Total fixed maturity securities		30,109			53,790			414			84,313		(1)
Equity securities		1,001			6			16			1,023
Other investments		57			0			0			57
Cash and cash equivalents		3,491			0			0			3,491
Other assets:
Foreign currency swaps		0			146			150			296
Foreign currency forwards		0			22			0			22
Foreign currency options		0			12			0			12
Credit default swaps		0			0			1			1
Total other assets		0			180			151			331
Total assets		$	34,658		$	53,976		$	581		$	89,215
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	69		$	128		$	197
Foreign currency forwards		0			274			0			274
Foreign currency options		0			3			0			3
Total liabilities		$	0		$	346		$	128		$	474

⁽¹⁾ Includes perpetual securities

Fair Value Hierarchy Levels of Assets and Liabilities Carried at Cost or Amortized Cost

The following tables present the carrying amount and fair value categorized by fair value hierarchy level for the Company's financial instruments that are not carried at fair value.

	March 31, 2018
(In millions)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities held to maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies		$	22,686		$	28,317		$	0		$	0		$	28,317
Municipalities		379			0			493			0			493
Mortgage and asset-backed securities		26			0			9			19			28
Public utilities		3,508			0			3,891			0			3,891
Sovereign and supranational		1,620			0			1,919			0			1,919
Banks/financial institutions		2,300			0			2,477			0			2,477
Other corporate		2,858			0			3,343			0			3,343
Other investments (1)		4,608			0			15			4,575			4,590
Total assets		$	37,985		$	28,317		$	12,147		$	4,594		$	45,058
Liabilities:
Other policyholders’ funds		$	7,417		$	0		$	0		$	7,307		$	7,307
Notes payable (excluding capital leases)		5,352			0			5,146			281			5,427
Total liabilities		$	12,769		$	0		$	5,146		$	7,588		$	12,734

⁽¹⁾Excludes policy loans of $227 and equity method investments of $238, at carrying value

	December 31, 2017
(In millions)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities held to maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies		$	21,331		$	26,491		$	0		$	0		$	26,491
Municipalities		357			0			462			0			462
Mortgage and asset-backed securities		26			0			8			19			27
Public utilities		3,300			0			3,698			0			3,698
Sovereign and supranational		1,523			0			1,835			0			1,835
Banks/financial institutions		2,206			0			2,387			0			2,387
Other corporate		2,687			0			3,172			0			3,172
Other investments (1)		3,017			0			15			2,987			3,002
Total assets		$	34,447		$	26,491		$	11,577		$	3,006		$	41,074
Liabilities:
Other policyholders’ funds		$	6,939		$	0		$	0		$	6,841		$	6,841
Notes payable (excluding capital leases)		5,267			0			5,288			265			5,553
Total liabilities		$	12,206		$	0		$	5,288		$	7,106		$	12,394

⁽¹⁾Excludes policy loans of $210 and equity method investments of $118, at carrying value

Fair Value Assets Securities Carried At Fair Value Primary Pricing Sources

The following tables present the pricing sources for the fair values of the Company's fixed maturity and equity securities.

	March 31, 2018
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities available for sale, carried at fair value:
Fixed maturity securities: (1)
Government and agencies:
Third party pricing vendor		$	35,325		$	1,411		$	0		$	36,736
Total government and agencies		35,325			1,411			0			36,736
Municipalities:
Third party pricing vendor		0			1,373			0			1,373
Total municipalities		0			1,373			0			1,373
Mortgage- and asset-backed securities:
Third party pricing vendor		0			269			0			269
Broker/other		0			0			186			186
Total mortgage- and asset-backed securities		0			269			186			455
Public utilities:
Third party pricing vendor		0			7,724			0			7,724
Broker/other		0			0			83			83
Total public utilities		0			7,724			83			7,807
Sovereign and supranational:
Third party pricing vendor		0			1,866			0			1,866
Total sovereign and supranational		0			1,866			0			1,866
Banks/financial institutions:
Third party pricing vendor		0			9,120			0			9,120
Broker/other		0			0			24			24
Total banks/financial institutions		0			9,120			24			9,144
Other corporate:
Third party pricing vendor		0			31,509			0			31,509
Broker/other		0			0			143			143
Total other corporate		0			31,509			143			31,652
Total securities available for sale		$	35,325		$	53,272		$	436		$	89,033	(1)
Equity securities, carried at fair value: (1)
Third party pricing vendor		$	1,015		$	77		$	0		$	1,092
Broker/other		0			0			16			16
Total equity securities		$	1,015		$	77		$	16		$	1,108	(1)

⁽¹⁾ Includes perpetual securities

	December 31, 2017
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities available for sale, carried at fair value:
Fixed maturity securities: (1)
Government and agencies:
Third party pricing vendor		$	30,109		$	1,121		$	0		$	31,230
Total government and agencies		30,109			1,121			0			31,230
Municipalities:
Third party pricing vendor		0			1,370			0			1,370
Total municipalities		0			1,370			0			1,370
Mortgage- and asset-backed securities:
Third party pricing vendor		0			269			0			269
Broker/other		0			0			175			175
Total mortgage- and asset-backed securities		0			269			175			444
Public utilities:
Third party pricing vendor		0			7,886			0			7,886
Broker/other		0			0			68			68
Total public utilities		0			7,886			68			7,954
Sovereign and supranational:
Third party pricing vendor		0			1,807			0			1,807
Broker/other		0			102			0			102
Total sovereign and supranational		0			1,909			0			1,909
Banks/financial institutions:
Third party pricing vendor		0			8,908			0			8,908
Broker/other		0			0			25			25
Total banks/financial institutions		0			8,908			25			8,933
Other corporate:
Third party pricing vendor		0			32,327			0			32,327
Broker/other		0			0			146			146
Total other corporate		0			32,327			146			32,473
Total securities available for sale		$	30,109		$	53,790		$	414		$	84,313	(1)
Equity securities, carried at fair value:
Third party pricing vendor		$	1,001		$	6		$	0		$	1,007
Broker/other		0			0			16			16
Total equity securities		$	1,001		$	6		$	16		$	1,023

⁽¹⁾ Includes perpetual securities

Fair Value Assets Held-To-Maturity Securities Primary Pricing Sources

	December 31, 2017
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities held to maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies:
Third party pricing vendor		$	26,491		$	0		$	0		$	26,491
Total government and agencies		26,491			0			0			26,491
Municipalities:
Third party pricing vendor		0			462			0			462
Total municipalities		0			462			0			462
Mortgage- and asset-backed securities:
Third party pricing vendor		0			8			0			8
Broker/other		0			0			19			19
Total mortgage- and asset-backed securities		0			8			19			27
Public utilities:
Third party pricing vendor		0			3,698			0			3,698
Total public utilities		0			3,698			0			3,698
Sovereign and supranational:
Third party pricing vendor		0			1,835			0			1,835
Total sovereign and supranational		0			1,835			0			1,835
Banks/financial institutions:
Third party pricing vendor		0			2,387			0			2,387
Total banks/financial institutions		0			2,387			0			2,387
Other corporate:
Third party pricing vendor		0			3,172			0			3,172
Total other corporate		0			3,172			0			3,172
Total securities held to maturity		$	26,491		$	11,562		$	19		$	38,072

	March 31, 2018
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities held to maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies:
Third party pricing vendor		$	28,317		$	0		$	0		$	28,317
Total government and agencies		28,317			0			0			28,317
Municipalities:
Third party pricing vendor		0			493			0			493
Total municipalities		0			493			0			493
Mortgage- and asset-backed securities:
Third party pricing vendor		0			9			0			9
Broker/other		0			0			19			19
Total mortgage- and asset-backed securities		0			9			19			28
Public utilities:
Third party pricing vendor		0			3,891			0			3,891
Total public utilities		0			3,891			0			3,891
Sovereign and supranational:
Third party pricing vendor		0			1,919			0			1,919
Total sovereign and supranational		0			1,919			0			1,919
Banks/financial institutions:
Third party pricing vendor		0			2,477			0			2,477
Total banks/financial institutions		0			2,477			0			2,477
Other corporate:
Third party pricing vendor		0			3,343			0			3,343
Total other corporate		0			3,343			0			3,343
Total securities held to maturity		$	28,317		$	12,132		$	19		$	40,468

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Transfers between Hierarchy Levels and Level 3 Rollforward

During the three-month periods ended March 31, 2018 and 2017, respectively, there were no transfers between Level 1 and 2 for assets and liabilities that are measured and carried at fair value on a recurring basis.

The following tables present the changes in fair value of the Company's investments and derivatives carried at fair value classified as Level 3.

Three Months Ended March 31, 2018
	Fixed Maturity Securities											Equity Securities		Derivatives (1)
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities			Banks/ Financial Institutions			Other Corporate					Foreign Currency Swaps		Credit Default Swaps		Total
Balance, beginning of period	$	175	$	68		$	25		$	146		$	16	$	22	$	1	$	453
Realized investment gains (losses) included in earnings	0		0			0			0			0		126		0		126
Unrealized gains (losses) included in other comprehensive income (loss)	11		(1		)	(1		)	(2		)	0		6		0		13
Purchases, issuances, sales and settlements:
Purchases	0		16			0			0			0		0		0		16
Issuances	0		0			0			0			0		0		0		0
Sales	0		0			0			0			0		0		0		0
Settlements	0		0			0			(1		)	0		0		0		(1		)
Transfers into Level 3	0		0			0			0			0		0		0		0
Transfers out of Level 3	0		0			0			0			0		0		0		0
Balance, end of period	$	186	$	83		$	24		$	143		$	16	$	154	$	1	$	607
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in realized investment gains (losses)	$	0	$	0		$	0		$	0		$	0	$	126	$	0	$	126

⁽¹⁾ Derivative assets and liabilities are presented net

Three Months Ended March 31, 2017
	Fixed Maturity Securities										Equity Securities			Derivatives (1)
(In millions)	Mortgage- and Asset- Backed Securities			Public Utilities		Banks/ Financial Institutions			Other Corporate					Foreign Currency Swaps			Credit Default Swaps		Total
Balance, beginning of period	$	198		$	16	$	25		$	0	$	3		$	(21	)	$	2	$	223
Realized investment gains (losses) included    in earnings	0			0		0			0		0			38			0		38
Unrealized gains (losses) included in other    comprehensive income (loss)	6			0		(1		)	0		0			2			0		7
Purchases, issuances, sales and settlements:
Purchases	0			0		0			35		2			0			0		37
Issuances	0			0		0			0		0			0			0		0
Sales	0			0		0			0		(1		)	0			0		(1		)
Settlements	(9		)	0		0			0		0			0			0		(9		)
Transfers into Level 3	0			0		0			0		0			0			0		0
Transfers out of Level 3	0			0		0			0		0			0			0		0
Balance, end of period	$	195		$	16	$	24		$	35	$	4		$	19		$	2	$	295
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in realized investment gains (losses)	$	0		$	0	$	0		$	0	$	0		$	38		$	0	$	38

⁽¹⁾ Derivative assets and liabilities are presented net

Fair Value Inputs, Assets, Quantitative Information

December 31, 2017
(In millions)	Fair Value			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Assets:
Securities available for sale, carried at fair value:
Fixed maturity securities:
Mortgage- and asset-backed securities		$	175	Consensus pricing	Offered quotes	N/A	(c)
Public utilities		68		Discounted cash flow	Credit spreads	N/A	(c)
Banks/financial institutions		25		Consensus pricing	Offered quotes	N/A	(c)
Other corporate		146		Discounted cash flow	Credit spreads	N/A	(c)
Equity securities		16		Net asset value	Offered quotes	N/A	(c)
Other assets:
Foreign currency swaps		80		Discounted cash flow	Interest rates (USD)	2.40% - 2.54%	(a)
					Interest rates (JPY)	.26% - .85%	(b)
					CDS spreads	9 - 90 bps
		70		Discounted cash flow	Interest rates (USD)	2.40% - 2.54%	(a)
					Interest rates (JPY)	.26% - .85%	(b)
Credit default swaps		1		Discounted cash flow	Base correlation	46.33% - 49.65%	(d)
					CDS spreads	25 bps
					Recovery rate	37.24%
Total assets		$	581

(a) Inputs derived from U.S. long-term rates to accommodate long maturity nature of the Company's swaps

(b) Inputs derived from Japan long-term rates to accommodate long maturity nature of the Company's swaps

(c) N/A represents securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques or unobservable inputs.

(d) Range of base correlation for the Company's bespoke tranche for attachment and detachment points corresponding to market indices

The following tables summarize the significant unobservable inputs used in the valuation of the Company's Level 3 investments and derivatives carried at fair value. Included in the tables are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments.

March 31, 2018
(In millions)	Fair Value			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Assets:
Securities available for sale, carried at fair value:
Fixed maturity securities:
Mortgage- and asset-backed securities		$	186	Consensus pricing	Offered quotes	N/A	(c)
Public utilities		83		Discounted cash flow	Credit spreads	N/A	(c)
Banks/financial institutions		24		Consensus pricing	Offered quotes	N/A	(c)
Other corporate		143		Discounted cash flow	Credit spreads	N/A	(c)
Equity securities		16		Net asset value	Offered quotes	N/A	(c)
Other assets:
Foreign currency swaps		185		Discounted cash flow	Interest rates (USD)	2.78% - 2.82%	(a)
					Interest rates (JPY)	.26% - .85%	(b)
					CDS spreads	13 - 101 bps
		55		Discounted cash flow	Interest rates (USD)	2.78% - 2.82%	(a)
					Interest rates (JPY)	.26% - .85%	(b)
Credit default swaps		1		Discounted cash flow	Base correlation	49.98% - 54.13%	(d)
					CDS spreads	15 bps
					Recovery rate	37.24%
Total assets		$	693

(a) Inputs derived from U.S. long-term rates to accommodate long maturity nature of the Company's swaps

(b) Inputs derived from Japan long-term rates to accommodate long maturity nature of the Company's swaps

(c) N/A represents securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques or unobservable inputs.

(d) Range of base correlation for the Company's bespoke tranche for attachment and detachment points corresponding to market indices

Fair Value Inputs, Liabilities, Quantitative Information

December 31, 2017
(In millions)	Fair Value			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Liabilities:
Other liabilities:
Foreign currency swaps		$	120	Discounted cash flow	Interest rates (USD)	2.40% - 2.54%	(a)
					Interest rates (JPY)	.26% - .85%	(b)
					CDS spreads	13 - 157 bps
		8		Discounted cash flow	Interest rates (USD)	2.40% - 2.54%	(a)
					Interest rates (JPY)	.26% - .85%	(b)
Total liabilities		$	128

(a) Inputs derived from U.S. long-term rates to accommodate long maturity nature of the Company's swaps

(b) Inputs derived from Japan long-term rates to accommodate long maturity nature of the Company's swaps

March 31, 2018
(In millions)	Fair Value			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Liabilities:
Other liabilities:
Foreign currency swaps		$	84	Discounted cash flow	Interest rates (USD)	2.78% - 2.82%	(a)
					Interest rates (JPY)	.26% - .85%	(b)
					CDS spreads	17 - 170 bps
		2		Discounted cash flow	Interest rates (USD)	2.78% - 2.82%	(a)
					Interest rates (JPY)	.26% - .85%	(b)
Total liabilities		$	86

(a) Inputs derived from U.S. long-term rates to accommodate long maturity nature of the Company's swaps

(b) Inputs derived from Japan long-term rates to accommodate long maturity nature of the Company's swap